Question 2 - (10 Marks) (Two parts) A company that commenced operations on July 1, 2021, uses a perpetual inventory system and made the following cash purchases and sales: July 1 - purchased 25 units at $15.00/unit July 10 - purchased 50 units @ $12.00/unit July 12 - Sold 60 units at $32.00/unit a) Present general journal entries to record the sale assuming the First-in First-out (FIFO) inventory valuation method is used: (Show Calculations) Date Account Debit Credit b) What would be the cost of inventory sold on March 1 if the Weighted Average Method were used to value the inventory? (Show Calculations)